Victoria’s Secret implements amazing marketing strategies, plain and simple. It’s also one of my all-time favorite stores, which is why I get roped into shopping there whenever they advertise something new.
In order to keep good business flowing, stores need strong marketing strategies. If they do not have people coming into their store, they obviously will not have much business. Victoria’s Secret is well aware of this, and they constantly give customers reasons to visit by sending them coupons, special offers, and best of all — free stuff!
The following “tricks” seem to work exceptionally well to draw in Victoria’s Secret customers:
Freebies: The “Free Panty” coupon is one of my favorite methods. Victoria’s Secret sends these out every month to all of their customers, and the best thing about this coupon is that there is no purchase necessary. Many times when stores give out coupons to receive free items, it is required that you buy something first. However, people love this particular offer because they can receive a free panty just by walking into the store and handing over the coupon.
How does this help Victoria’s Secret? Giving away a free item gives customers a reason to go into the store. There aren’t too many people who will just go in the store, get their free item, and then walk out. Every time I go in to claim my prize, I always end up stopping to look around at everything else (and usually end up falling in love with something that I really did not need). I end up spending money every time, and that’s a nice profit for Victoria’s Secret. They’ve gained more business just by handing out a small panty that most likely costs them very little!
Exclusive, Limited-Time Coupons: Another one of their great techniques is when they send coupons for “10 dollars off any Pink purchase.” In this situation, customers would receive $10 off any Pink brand item bought in the store. Pink is extremely popular for Victoria’s Secret, and there’s a wide selection in this line. There’s something for everyone. Why not see if you can save on a higher-priced item you may have had your eye on?
How does this help Victoria’s Secret? They may provide $10 off, but they’re getting you to spend money there. Again, the incentive gets customers through the door and the sought-after merchandise urges them to stick around and do some more shopping.
Clearance or Bargain Sales: Victoria’s Secret also holds their Semi Annual Sales to drum up business. These sales occur in the winter time (usually every January) and also every summer. These sales are huge (some ladies ransack the displays to find the best deals) and they get tons of people into their store. I don’t think I have ever been to a Semi Annual Sale where I didn’t have to wait at least 15 minutes in line to pay for my purchases — that’s just the way it goes. Many of the items that go on sale during this time are usually discounted between 40 and 70%. People who love Victoria’s Secret go crazy over these prices, because on a regular day, their prices aren’t usually that cheap.
How does this help Victoria’s Secret? Bargain-hunting customers usually buy as many pairs of unmentionables as they can, which not only brings in cash but also clears out previous-season merchandise. This frees up space for new designs, which people catch previews of while they’re waiting in line to pay for their purchases.
Incremental Incentives: Not every patron sees the appeal of waiting in lines for the best prices, and VS understands that. That’s why they incorporate online-only deals…one of which got me just the other night. For example, they may give a $15 discount for every $100 spent, $30 off for every $150 spent, or maybe even $75 off for $250 spent. This incremental technique is another way for the store to gain new business.
How does this help Victoria’s Secret? Incremental incentives encourage people to buy more for a price break or discount. This is especially beneficial for customers who may be near a price break — let’s say you have $90 worth of merchandise in your cart. Wouldn’t you be likely to add one more item if you knew you could then use the coupon for $15 off? I would.
Now, I am sure there are some people out there who may not think these are good marketing strategies, or that they’re deceitful in some way. But I’ll say one thing: they at least get people like me into their stores to spend money!
How else do stores encourage customers to spend money? Anything else we can learn from Victoria’s Secret’s marketing initiatives?